Jefferies Financial Group Cuts SL Green Realty (NYSE:SLG) Price Target to $69.00

SL Green Realty (NYSE:SLG) had its target price lowered by research analysts at Jefferies Financial Group from $75.00 to $69.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 1.13% from the company’s current price.

A number of other brokerages have also commented on SLG. Morgan Stanley increased their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Evercore ISI upped their price objective on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their price objective for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $68.47.

SL Green Realty Price Performance

Shares of SL Green Realty stock traded up $0.31 during trading on Thursday, hitting $68.23. The stock had a trading volume of 156,374 shares, compared to its average volume of 985,227. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -27.29, a P/E/G ratio of 4.26 and a beta of 1.81. SL Green Realty has a 12 month low of $41.81 and a 12 month high of $82.81. The business’s 50-day moving average is $74.81 and its 200 day moving average is $68.12. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the previous year, the business earned $1.27 EPS. As a group, sell-side analysts anticipate that SL Green Realty will post 7.82 earnings per share for the current year.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its stake in shares of SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty in the 2nd quarter worth about $29,000. Point72 DIFC Ltd purchased a new stake in SL Green Realty during the 3rd quarter valued at about $35,000. Friedenthal Financial bought a new stake in SL Green Realty during the 3rd quarter valued at about $49,000. Finally, Blue Trust Inc. increased its stake in SL Green Realty by 363.2% during the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 632 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.